3.1.18 Statutory Loan Limits

A. The statutory loan limits for each FHA multifamily insurance program are issued annually in the Federal Register, and are used to determine the maximum per unit loan amount to complete Criterion 4 of the form HUD-92264-A. The Regional Director may grant exceptions to the maximum mortgage limits

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Chapter 3 Programs 3.1 General Program Requirements

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for certain Multifamily Housing Programs by (1) up to 170 percent, (equivalent to a 270 percent multiplier) in geographical areas where cost levels so require or (2) up to 215 percent in High Cost Areas, (equivalent to a 315 percent multiplier) where necessary on a project-by-project basis. When Criteria 4 is relevant to sizing the mortgage, the calculated statutory limit may be adjusted for project costs not attributable to residential use as described in Chapter 5, Section 5.12.2.B.3.c or Section 5.12.2.B.3.d When refinancing a previously insured property, the loan amount determined by Criterion 4 shall not be less than the Criterion 4 amount determined for the previously insured loan (assuming no demolition or reduction of improvements since endorsement of the previously insured loan).